What is Finneytown’s baseline Master Plan? How much of the total building project cost is OFCC willing to pay?
The Master Plan is the comprehensive plan for repairing and/or replacing the education facilities of a district. A Finneytown Local School District Master Plan was developed by the OFCC after Expedited Local Partnership Program (ELPP) acceptance. This Master Plan took into consideration program guidelines, design manual requirements and the following information and factors:
- Finneytown building assessment reports
- Finneytown student enrollment projections (1400-1440 over the next 10 years)
- Local conditions and characteristics impacting the project
- Renovation versus new construction cost analysis
Based upon this information, the OFCC recommended: building one new K-12 school building; abatement and demolition of the old school buildings. The total cost of the pro- ject was estimated at $46,451,856. The construction project is eligible for co-funding with the state. OFCC calculated the state share at 60% and the state of Ohio’s project cost at 27,871,114.
In summary, OFCC calculated cost sharing for the project as follows:
|State share (at 60%)||$27,871,114|
|Local share (at 40%)||$18,580,742|
|Total Co-Funded Project||$46,451,856|
CO-FUNDED PROJECT COSTS
THIS IS NOT A LOW INTEREST OR NO INTEREST LOAN!
IT IS $27,871,114 IN MONEY THAT WE NEVER NEED TO PAY BACK!